Start up your own business

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Is 2011 going to be your year to start up your own business?  Have you got something a little different to offer?  Have you got what it takes to survive and grow?  Here are the top 7 traits that I am looking for in my business coaching Brisbane – online class of 2011:

1. Is your motive true?

If you are frustrated with your job or have visions of easy money then you are doing this for the wrong reason.  You need to be passionate about the value of a product, a service or a cause.  You business will reflect who you are; it will become your life – so make it count!

2. Do you have an ethic of hard work?

Most people in business work hard until they learn to work not so hard, but a lot smarter.  However, if you think that business means easy money and that all business people are rich, then you are clearly not cut out for this.

3. Do have persistence?

You are more likely to succeed if you have the determination to keep going especially when things get a little tough.  Business is a journey and success, regardless of how you measure it, is not an overnight achievement.

4. Do know your own strengths and weaknesses?

It is important to have an honest appreciation of what is lacking.  If you know what you are not good at then you can outsource to someone with the desired expertise.  Similarly if you know what you’re good at then you’ll be doing what you do best.

5. Are you a planner or an impulsive leaper?

In business it pays to be a planner.  That is not to say that you shouldn’t take risks.  Planning simply takes the needless risk out of a venture.  Good people, good advice and a thorough understanding of your market will remove a lot of risk.

6. Are you optimistic and opportunistic?

If you can see opportunity where other people see problems, business is probably for you.  You will encounter plenty of problems along the way so having a ‘cup half full’ attitude is desirable.

7. Can you enlist others to your cause?

This is where shallow motives will bring you undone.  If you are living your truth then you will have passion and belief.  They will radiate from you in all directions.  Passion and belief are infectious and people will follow.  Without it, you will be just another struggling merchant.

Until next time!

Gary

For 100 ideas to start up your own business and valuable knowledge that every entrepreneur should have, read my latest book at:

http://garyweigh.com/recession-riches-and-wealth

From the Aiki business coach – Your top 7 financial resolution sliders for 2011

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As we approach 2011, it is resolution time once again.  It is natural that we wish for a better year than the last. If it comes to pass, it is a reassuring sign of development and growth.  So if 2011 is your year and you are contemplating a change or a new start, here are the Aiki business coach’s top 7 resolution sliders to help you.  Use them any way that works for you.

1. Snap out of your financial coma

If you want to turn your financial life around, firstly recognise that things are not perfect and that you really want to make a change.  Sometimes it is hard to break out financially because you are held back socially by friends and family.   So you may have to keep them all at arm’s length for a while.

2. Adjust your lifestyle and start saving

You need to start by setting a money goal here.  Figure out a realistic amount you can save and a realistic time frame in which to save it.   Reducing your personal debt is also a form of saving.  Perhaps save to pay out a loan or credit card.   You just have to trim your household budget and personal spending to suit.

3. Kill off that credit card debt

Almost 100% of people experiencing financial problems have significant credit card debt.  You are not alone but you will be so much better off without it.  Whilst folding money is not quite as available and convenient as your plastic card, it will re-introduce you to the real value of money and old fashioned concepts like ‘saving up to buy’.

4. Buy things that are likely to go up in value

Instead of watching your money disappear on lifestyle / feel good / self image purchases, try preserving your money in another form by purchasing ‘assets’ that typically go up in value.  While real estate, shares and managed investments are some traditional investment assets, there are other options, such as gemstones, jewellery, artwork, old coins and stamps.  Seek advice, but if it is something that you enjoy, you can have a hobby as well as boost your wealth.

5. Establish a second income source

There is no rule that says all your income must come from one source.  In fact it is smart not to be reliant on just one source.  Eggs should be spread further than just one basket.  Sickness, accident or unemployment could be just around the corner.  A second job is fine if necessary, but it is far better to secure a source of passive income, such as investment income or internet marketing income.  That way you have free time and money in your life.

6. Maintain financial independence

Always retain your own identity and some level of financial independence when you are in a live-in relationship.  It is reasonable to maintain your own separate bank account as well as a joint account with your partner.  There are plenty of examples of people being left with nothing without warning after months of planning.  Those caught out never saw it coming.

7. Success is a team effort

Week 1 of any resolution is easy while you have plenty of motivation and enthusiasm.  However, week 2 is where it starts to slip away.  So buddy up with a friend and keep each other focused on your goal respective goal journeys.  You don’t have to be doing exactly the same thing.  The purpose is encouragement, support and a little ‘talking-to’ when necessary.

My best wishes for a prosperous financial journey!  We will resume our coaching journey together in 2011.

Happy New Year!

Gary

Your Aiki business coach

Make money work for you in 2011 – get your money hat on!

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Gary Weigh making money work for you

In my experience, the majority of people have some seriously bad attitude to money; rich and poor alike.  Socio-economic group makes little difference.  It just makes it easier to predict what the specific problem is likely to be.  To help you make money work for you in 2011, here are my top ten (10) money symptoms.  Are you on this list?

1.      Don’t have enough to survive or thrive

2.      Enough to thrive but not enough to keep up with the Jones’s

3.      Have more than enough to keep up with the Jones’s & now messing with Jones’s heads

4.      Obsessed with hoarding money

5.      Obsessed with spending money

6.      Have money but still not happy

7.      In rampant debt by spending more than you earn

8.      Won’t save but must purchase now

9.      Money dysfunctional (e.g. addicted to gambling)

10.  Aversion to any form of investment or management

The root problem is focusing on money as an end, not a means.  Focusing on money as and end in itself rather than a means is a negative mindset.  This negative mindset can create a preoccupation with lack, overabundance, hoarding and over-spending,

The answer is to maintain a calm and optimistic mind towards money.  And never (never, never) focus on money as the source of your problems.

Make no mistake!  You are the cause of your financial problems.  You put yourself in the position you are in and the key to making it better is already in your hands.  You simply choose not to use it.

It sounds harsh and unfair, I know.   But sugar coating the truth won’t help you.

If you want to take the first steps to make money work for you and your family in 2011, try this:

  • Stop taking financial advice from your family and friends
  • Seek financial advice from a reputable professional and don’t focus on the cost
  • Stop comparing yourself and your financial situation to others
  • Focus on goals and positive action, not on money; money follows positive action
  • Stop including Centrelink as a significant part of your New Year financial strategy.  It is a backstop institution, not a mainstream funding source

Your financial situation is a reflection of your state of mind.  If your mind is stressed, distracted, angry, jealous or resentful, your finances will reflect the negative energy you generate.

So try some positive thoughts followed by some positive action.  And don’t slip back into your old way of thinking just because your plan hasn’t worked after one week.

Until next time!

Gary

My favourite portrait and action photographer can be found at http://www.spiralphotography.com.au

Business coaching Brisbane – Financial management 2

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Keeping your receipts in a shoe box and handing it over to the accountant once a year is financial madness.  Don’t be surprised if you are out of business after your first year with that attitude to financial management.

Regardless of what business you are in, you need to keep a close watch on money coming in and going out; and know what your bank balance is on any day.  The least you should do is to buy a small business accounting package.  This will enable you to keep track of revenue coming in and expenses paid out on a monthly basis.

There are plenty of available accounting software packages out there that will do the job.  Just make sure that the one you select is set up for an Australian business.  Our GST, BAS and tax system is like no other.

So once you have your accounting software installed and working, you can now monitor the performance of your business on a monthly basis.  If you input your revenues and expenses daily then you can monitor your business on a ‘month-to-date’ basis.  This is only the first step on your financial management journey.

You need a benchmark to compare against each month.  It is great knowing how your business is going but to be able to see a comparison against ‘forecast performance’ would be even better.  The better quality packages allow you to set up a budget and to design ‘budget v actuals’ reports.

Now you need to prepare a budget.  A budget is really the financial translation of all your plans and strategies.  Your expense budget should be reasonably straight forward because most expenses are known in advance.

The trap to be careful of is that expenses are not the same each month.  Some bills have to be paid weekly, others monthly and some annually.  Take into account the ups and downs of your forecast expenses.  That’s what helps create a realistic cash flow forecast.

I will continue in the next post of business coaching Brisbane with the tough job of forecasting revenue.

Until next time!

Gary

Check out my Aikido Secrets blog at http://www.aikido-secrets-to-calm-success.com

Grab my new book http://www.garyweigh.com/recession-riches-and-wealth

Christmas and New Year – reflection, decisions and resolutions!

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It’s Christmas again.  It’s the holidays and a time when families gather and reunite.  It’s a time of prayer and thanks.  Unfortunately, in the lead-up to Christmas, it is also a time of frenzied shopping, high stress, strained budgets and extreme personal debt.

In some ways Christmas is a lull before the reality of the New Year looms large.  So what awaits us in 2011?  Without doing anything differently, the certainties include – increased food costs, fuel costs, utility costs and mortgage costs; plus credit card debt that will reach a new high.  And 2011 is only 10 days away.

This time of the year is a period of reflection; of introspection – of another year past, of relationships with partner, children, family and friends, of home; of money, and of career highs and lows.

Christmas – New Year is a time of decision making and choice.  Will next year be the same as this year?  Is this where I want to be 12 months from now?  How can I improve my life, and that of my family?  What can I do differently?

With the heralding of the 2011 comes a strengthening of resolve.  The New Year always brings new hope – the hope that this year will be better than the last.

One decision; one action; one thing done differently, is all it takes to change the course of your life forever.  Change doesn’t have to be a complete and drastic overhaul.  It is easiest to manage when it consists of baby steps.

In making your life’s decisions this year, try take one step closer to living up to your true capability.

You might want a new relationship but you may conclude that to be happy within yourself, you need to give up smoking first.  You might want more money but you may realise that first you need to acquire more work knowledge and pull together a professional resume.

Set your goal but remember that you are on a goal journey.  Your first step is not your last step.  There is usually a few obstacles to remove along the way.  No goal worth achieving is ever going to be blitzed all in one go.

What matters is taking the first step on your goal journey; and then being reminded to take the second step; and so on, until you can find the way on your own.

No matter what your circumstances; no matter how locked-in, out-of-your-depth or helpless you feel there is always someone who can help you take the first step.

So whatever Christmas means to you, I hope your thoughts lead to positive action in the New Year; and that the one forward step you decide to take in 2011 enhances your own wellbeing and respects the lives and choices of others.

For a good ole’ fashion Aiki-Christmas read check out http://www.aikido-secrets-to-calm-success.com

Until next time ….. Merry Christmas!

Gary

Business coaching Brisbane – financial management 1

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The Aiki business coach

If I had to choose one business management weakness that I have observed in the many start ups and SMEs (small to medium enterprises) I have encountered, it would be financial management.  Many large companies are also guilty of poor financial management but they are no longer the focus of my attention.

Financial management is the most ignored and the least forgiving.  If you can’t maintain control over your finances then you won’t be in business for long.

One of the biggest mistakes is waiting until the accountant has finished the year end figures to find out what happened.  Most accountants do a very good job of preparing Income Statements and Balance sheets but it is old news.  By the time you see what happened, you are well into the next financial year.

Engaging a public accountant once a year does not guarantee success.  Their job is one of compliance, not financial management.  Their main line of work is reporting after the fact, and tax lodgement.  It is not that they aren’t trained and capable of assisting you with financial management, but you have to ask for it.

You really need to know what is happening in your business week by week and month by month.  Either you or someone who understands financial concepts should make financial management of your business a very regular priority.

One of the other main areas of concern is poor control over cash flow.  Cash flow simply means money in and money out of your business.  You might make a profit at the end of the year but there can be many days during the year where your business bank account is empty or overdrawn.

This occurs because the receipt of revenue and the payments of bills are patchy.  Some customers make you wait 2-3 months for your income but many of your bills need to be paid immediately.

This is often compounded by the owner taking cash out of the daily takings for personal use.  The argument is “It is all my money!”  Well it’s not really.  Your money is the part left over when all the bills, including GST and taxes, are paid.

Many people confuse sales revenue with profit and fail to understand the importance of positive cash flow.  Recognising these differences could be one simple solution to saving your cash-starved business.

Read more in my next post in the series – business coaching Brisbane; financial management.

Check http://www.aikido-secrets-to-calm-success.com for business self development tips based on the powerful principles of the Japanese art of Aikido

Until next time!

Gary

Business coaching Brisbane – think opportunity, think international

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Up until recently, my business coaching Brisbane practice has been a local practice focusing on Australian clients only.  It has meant a lot of interstate travel, lots of proposals and presentations, plus more admin that I ever wanted to do.

Things have changed.  These days I don’t do a lot of face-to-face consulting; I do most of it online.  All of my marketing, all of my communication and all of my face-to-face client interaction are done over the internet.  This enables me to travel and find interesting businesses opportunities and product opportunities in other countries.

By doing that, I am fulfilling my desire to travel and I see businesses all over the world.  I like to offer you what other business coaches can’t – and that is the real business of innovation, new ideas and different ways of doing things.

As I have said in my ‘light bulb’ moments video series, “Opportunity is always outside the house.  It is never on the couch.”  So I take my own advice and literally go see the world of business.

It was two years ago that I decided to move my entire consulting business online.  My brief to my internet marketing consultant was to help me get to the point where I could conduct my business from any café or hotel room in the world.

These days, my business is 100% online.  It has taken a while and cost me some money but it is worth it to work in an environment of complete freedom.  Now I can pursue my three passions in life – business coaching, travel and practicing Aikido; all of which I can do anywhere in the world.

Business has changed, mainly because of the internet.  We can see, talk to, write electronically to, sell to and transfer media instantly to anyone in the world either free or at low cost.  As a result, one need is superseding another.  The need to battle the morning traffic to work is being replaced by the need to have a significant internet presence.

As downtown office rents rise, the cost of parking becomes prohibitive and overpriced and overcrowded public transport continues to remove the last shreds of human dignity, I’m sure that businesses will eventually move away from the centralised CBD space concept and increasingly outsource online.

On my last overseas trip I saw some really interesting business concepts in Japan and British Columbia Canada.   There are so many products and services that are readily transferable but are not yet in Australia.  The world is simply bristling with opportunity!

In these countries, as in Australia, some of the need is driven by climate.  Shops selling warm winter clothes, winter sports equipment and a proliferation of coffee are a direct result of the very cold weather, the need to stay warm and the need for recreation.

Some products, particularly in Japan, are driven by different culture and customs.  However, there are many products and services that are not related to weather, culture or customs and are readily transferable to Australia.

Until next time!

Gary

Lightbulb moment 4: Find your opportunity

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We continue our business planning odyssey….   Finding opportunity and converting it is the creation of everything.   It is the fun part of business planning because it leads directly to growth and profit.  However, don’t wait for opportunity to fall into your lap.  You must go outside and make it happen.  The most important part of opportunity is your mindset.   Be optimistic and think abundance!

Enjoy light bulb moment 4 – Find your Opportunity

Small business marketing – internet marketing and me!

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Internet marketing enables every small business just like mine and yours to reach a huge audience for a fraction of the cost of marketing in the bricks and mortar world.

The beauty of this medium for small business marketing is that it allows our potential customers to search for, and find our products and services in their own time, day or night.

Our challenge is to get our online messages in front of them in response to their search – whenever and however they choose to search.  However not all the searching is done online.

Customers could be searching through a search engine, checking their emails, opening an envelope, social networking (online or offline), reading a bumper sticker or consulting their favourite fridge-magnets on the freezer door.

Although people like to search online, they also like to know that we the business owners actually exist in the physical world, and that we are honest, decent people.

So there are endless ways to circulate your online presence (URL).  Invariably that journey takes us offline back into the brick and mortar world, where many of us started.  Believe me the good old business card is not likely to be superseded any time soon.

Back online though, there are some incredible tools used in the online marketing process.  But if I look past the bells and whistles, the essence of internet marketing comes down to a few home truths:

  • A marketable site
  • Good content
  • Appropriate keywords
  • Traffic building
  • Sales conversion
  • Quality products and services

I have found that the best marketing tool that I have ever had is me.  I have tried to make my site look professional but at the same time reflect the ‘down-to-earth-but-know-my-stuff’ image I want to project.

More people respond to my videos than to anything I write.  That’s because I am putting myself out there.  People are getting to know this ‘old dog’ business coach with an unusual mix of business and aikido, who just wants to put the decency back in business.

My small business marketing philosophy is this – to build a fan base of people who relate to my messages.  The money will just look after itself.  It doesn’t matter what service you provide or what product you sell, people always want to buy from someone they know and trust.

Because my business is all about communication, inspiration and education, I chose a blog as my internet platform.  It doesn’t just hang there in cyberspace doing nothing like static web sites do.  I use it to broadcast words, pictures and videos.  I use it to promote myself.   Everything else that needs to happen just flows from there!

If there is one internet marketing lesson that I have learned, it is this – anonymity and invisibility will get you nowhere.  People are interested in products but ultimately they buy from real people.

Until next time!

Gary

Light bulb moment 3 – Follow demand

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We continue business coaching Brisbane style!   Demand for your product or service is a lot more than a one line sales forecast on your budget.  It is dangerous to assume that people will buy whatever you have to offer.   Following your passion or your expertise doesn’t guarantee demand.  So here are a few tips about getting to know and understand demand for what you want to sell.

Enjoy light bulb moment 3.